another big withdrawal i'm britain's barclays bank as the embattled chief executive follows the chairman out the door over interest rate rigging. millions of humanism businesses could have been charged just at the policies to keep its balance sheet and it's going to say that can help a. serious president also denies going to the leadership and says he'd go if a broader peace fighting is raging nationwide despite more global efforts to end it . and he ran the inches long range missiles during military exercises while parliament in tehran which was to close the vital shipping lane two countries supporting the e.u.

oil in ball goes. it's five pm here in moscow and this is r.t. coming to you live from an east now with our top story this hour and just when britain's bankers thought the worst public vilification was behind them now the c.e.o. of one of the world's largest banks has been forced out bob diamond from barclays has bowed to all around pressure after his bank was caught fixing a key interest rate which overcharged customers when the financial crisis struck here's our london correspondent sara for. well of course this story absolutely dominating the headlines here today after we saw the resignation from barclays chief executive bob diamond he'd come under a huge amount of pressure of barclays rigging the key interest rates known as libel and this was used to set the course for the millions of businesses of

consumers of investors to morrow we're going to see a little different haitian between him and m.p.'s as he faces questioning but of course this story so much bigger than just bob diamond in fact is thought as many as twelve to fifteen other institutions could be involved in this so already questions over whether we're going see more top level resignations affair really that there's much more to come from this and it's given us all a glimpse again you know that this isn't just a few bad apples but that really the rotten call of britain's banking system simply hasn't been dealt with after the last financial crisis so once again this scandal has really called into question the culture and practices of the entire banking sector and it's not just barclays but of course the entire city's reputation really in tatters what the general public want to know this time is look what on earth is

going to be done about it and you know talks of an inquiry at this time aren't really going to cut it they drag on they take a very long time though we do know that the serious fraud office the s.f.o. is looking at the moment to see if any criminal sanctions can be taken against those that are involved but you know really a sense here that we're seeing history repeating itself and it's also raising very big questions over the regulation of this you know why once again have we not seen the regulators stepping in and that's going to be another thing that we sort of going to see evolving certainly of the coming weeks but months and years as well that really a lot of the people we've been speaking to has said this is something that really needs to change the regulation needs to be much more. interventionists you know this culture of weak corporate governance in the banking sector in loose morals isn't unique to barclays this is very very widespread and say what the what the public want to see here is a crackdown on the wrongdoing and that the people who have been involved in the lying and the manipulation going to receive

a punishment that fits the. reaction now from james medway in london he's the senior economist at the new economics foundation thanks for being with us bombed diamond denies knowing the rate reading was happening is that even possible that a chief executive would be so out of the loop on something as fundamental as a key interest rate well it strikes you as a bit implausible obviously bob diamond's going to be giving his own account of events tomorrow at the treasury select committee but it strikes me as inherently a bit implausible that any chief executive could be so ignorant particularly when as it's becoming clear this isn't just about barclays this is about pretty much every single bank and every single banking institution out there the rottenness here is endemic so i don't believe that will join in would be completely unaware. of where is he claims to be trillions of pounds worth of businesses were factored by these rigged rates including mortgages loans credit cards customers are bravely

furious here is dick cheney the chairman and c.e.o. enough to restore trust of there's a deeper cultural problem at barclays and banks across the u.k. really. well obviously the culture of the city in the financial institutions in london is pretty volatile this is a get rich quick cut your throat really quite unpleasant environment for any kind of businesses to be operating but i think it's not quite right to just talk about the coach here this is systemic this is the way these institutions work coach is a byproduct if you have institutions that are set up to make a fast book as quickly as possible and not care how it's made then of course you get a culture that promotes this is well so i think we have to look deep in culture we have to talk about real institutional change barclays as i understand was hit with a fine amounting to just thirteen days profit is it known how much the bank profited from these actions from the rigging not as yet i don't think it's known as yet how much of profit it there are two reasons barclays says it ended up raising

rates one was to make money this is in the run up to the crash two thousand seventy eight and one was to disguise how weak the bank was afterwards so the truth scale of the costs involved here and there are costs involved for everybody else when banks behave like this not really known yet that's why we need a public inquiry as a minimum into what's going on to try to establish the scale of the problem at the very least that i think is a minimum here i don't think the kind of inquiry that all sports proposed george osborne a chance to extract it really gets this far and for that he's talking about speedy inquiry talking about trying to clear things up quickly i don't think that's really adequate right to these british banks of course on the watch theoretically what kind of damage could this cause to the u.k.'s banking sector as a whole. well it could be immense i mean what's interesting about this is the way in which it started as a problem just a warm blanket then became very rapidly apparently even on the evidence the financial services authority represented there's all the banks were involved in

rate rigging and it's now sort of extended one way or the other to the bank of england itself to the central bank in a serious questions being asked over apparently conversations that took place between bob diamond and the deputy governor of the bank of england in october two thousand and eight that led to barclays believing it had a kind of license to go and rate ring because the bank of england was saying it was ok to do this that's barclays kind of defense of its actions so really it's not just the private banks it's the central bank itself starts to look implicated no that's. all right senior economist at the new economics foundation jam james made way talking to us live from london thanks for that thank you. well britain's banks may be dressing up their dads but in germany they've got better ways for rainy days saving some of the germans are on a luxury shopping spree to safeguard their cash against the troubled euro we report shortly. but first syria's president says he's prepared to leave

his post if that's the will of his people and it brings peace in syria intense international efforts are underway to stop the bloodshed provoked by clashes between government troops and opposition parties is in damascus. president bashar assad has syria is now ready and we'll welcome any solution to the ongoing crisis here in the country if only. it guarantees the country's sovereignty commenting on the geneva peace initiative to create an interim government uniting the opposition and current regime the syrian leader has also started that he's satisfied that the document stressing that it's up to the syrian people to decide the country's future in another interview he has just recently to the turkish newspaper he has sad that he wishes that this down on the turkish plane by serious never happened and that sounds like apology three days after the geneva meeting in

while the skepticism is growing that the peace initiative forged by world powers and this week will only remain a solution we're only hearing from the russian foreign minister this plan is a very good chance of prime chance to solve the crisis the sixteen muslims crisis here in syria but has warned from mr interpretation of this document and has warned of the syrian opposition not to destroy the results of this conference here. misrule broadcaster saying that. unfortunately some members of the syrian opposition started saying that the geneva proposals are only acceptable whereas some western participants of the geneva talks have come up with distorted interpretations in those we believe that the geneva communiqué should not be open to interpretation which should be implemented as agreed to today is the second day of the syrian opposition mission in cairo and the main idea of this meeting was to

unify to hammer out a common position on this syrian conflict in order to gain some respect some trust from the syrian people the syrian opposition has indeed been criticized harshly recently for being too fragmented to be trusted and the opposition itself has confirmed that it. has to it has to be more united and has to have a common vision on how to end the crisis in syria the opposition is divided and while the reason one ready to talk ready to discuss this interim government initiative there is another part that only wants to continue fighting and doesn't want any dialogue with anybody. still to come this hour corruption and coercion in malaysia the final edition of joining us on just an interview shows airs today on our tree malaysia's opposition leader talked to the world famous whistleblower about the violent struggle for fair election. iran's conducted

military exercises launching several long range missiles which would be capable of reaching american bases in the region and israel and other moves tehran also is attempting to defy western sanctions pressure with part of the may considering blocking a vital oil shipping route here's where it is mideast correspondent paula spear. we are hearing from the radio foreign minister that iran wants a win win situation he says that the only other alternative is confrontation which is not in anyone's interest not this comes as the israelis as the reigning prominent drafted a bill that calls for the station of the shipment of crude oil through the strait of who knows two countries that support sanctions against iran and now this follows the cool back the european union they have called for the ball go on iranian oil that was passed back in january it went into effect this past sunday now also today tuesday the radio government announced that it had to tested

a number of missiles including long range missiles that potentially could hit u.s. warships in the persian gulf very situation on the ground and certainly intensifying the united states has sent for minesweepers to the persian gulf to boost its feet there and that comes amid renewed through its by iran that it is closing and will potentially or could potentially close the strait of hormuz there have been three rounds of negotiations between iran and the six world powers and so far things have yielded no breakthrough there is a now the meeting happening today tuesday in istanbul it's a low level meeting that is looking at seeing whether or not there's any. kind of common ground between a science that could then need to fully fledged negotiations but the expectation of today's meeting is while the dismal in iran accuses the international powers of dragging their feet and says that it's not in their interest to reach any kind of compromise or any kind of solution at the same time iran is insisting that its

nuclear program is for peaceful civilian purposes but we're hearing continuously from powers such as the united states countries like israel and other countries that they suspect that iran's nuclear program is merely a cover for bullying media warfare. and political commentator sariah supper pour all right says the e.u. oil embargo is just one of the ways western countries aim to bring about regime change in iran iran looking back at its history knows that it has no choice it either goes down or the has to defend itself and i think it will if it's ready to defend itself it has the means and the capability of the politics of all embargoes have been used to devastate the economy and for foreign powers to basically take over the country the pursuit of civilian nuclear program it's simply a means to an end what washington has in mind is to remove the regime iraq has

tried to operate with washington with the p five n one that's one it has even said that he would give up its medical isotopes its twenty percent enriched uranium if iran can be supplied with isotopes for its medical research but the war powers are not wanted to reach a conclusion reached an agreement so iran is even more convinced that this is just . an excuse for regime change. well look now at some other world news in brief a series of deadly bombings in iraq have targeted shia muslims a truck blast claimed at least twenty five lives when it exploded in a market in karbala which will host a major pilgrimage next weekend hours earlier five others died in a similar market attack in a twin car explosion in. one hundred thirty kilometers from karbala there's been a spike in nationwide violence since u.s.

troops pulled out last december. a new york court has ordered twitter to hand over occupy wall street messages the case centers around malcolm harris who was charged during last year's approach asked then to leave his post about the demonstrations later and says that tweets belong to users not the company but the judge isn't convinced saying tweets are no more private than if someone shouted out of a window. over julian a solid just been anything but a quiet fortnight for the whistleblower having british police waiting outside the door the us bang for blood and sweden intent on your extradition his extradition for questioning on an alleged sex crimes he spent that time seeking asylum inside ecuador's embassy in london the son has legal team suspects the swedish extradition in a cover is a cover i should say for america to seize him for blowing the lid on military crimes in iraq and afghanistan but in recent weeks his attentions been on the

plight of freedom for others his talk show airing here on r.t. in the final edition of his program malaysia's opposition leader talks to the violent struggle for free elections in his country. is to meet the wisdom of the people you have been in the government sources every night in the national media abusing me. but was is to use these is a political ploy. pump up judges you have the police in finally when the judicially over little finally did and i was a but nemesis to do this it was independent right through the entity and now that was just a. most disgusting you know you use this facade democracy democratic elections do to show the independence and you abuse the process.

but as for julian assange just pli if america ever does get the prosecution is going for it could spell danger to a fundamental part of the country's constitution as free speech activist trevor temp told r.t. what the new york times does is actually considered worse than what wiki leaks did because the new york times routinely publishes what is called top secret classified information which is actually the highest classification that u.s. government uses and the only thing wiki leaks has published although they've published hundreds of thousands of documents has been secret and below which is a lower classification and if we can reach this punished for this type of behavior the new york times isn't just in much trouble or if or more so now the government has argued that they can go after government leaders but never have they been able to prosecute a private citizen for publishing this information in the public interest and the real problem is that if it if it actually came to fruition then not only would wiki

leaks and joined us on to be in jail for doing what essentially every other newspaper does but in the future other newspapers who want to publish stories in the public interest the administration would be able to threaten these newspapers prosecution bring them to trial and not only would it stifle free speech in the sense that it could put journalists in jail but it could also bankrupt many media organizations would have to spend millions of dollars defending themselves against what is traditionally a protected. protected by the first amendment. well the latest and final edition of julius launched an interview show is here later this hour for you and you can catch the entire series on our website are two dot com while you're there here's what else we're reporting online keeping the web open and private an internet declaration signed by key groups from browser giants to amnesty international to protect our rights online. poll put protesters return to the rock

stage russian punk group pussy riot joined an american band's moscow gig at their notoriety for storming a cathedral and antigovernment stunt. was watched the wacky wheels in a very odd ball rally it's more far out than formula one and we've got the footage of our team. well germany's by far the strongest economy in the euro zone but it still felt the pontiff of the euro crisis uncertainty over the currencies fate has led some germans to stash their cash away from the banks and sex on a boy explains. better for economy good for business dittrich ross has been selling vintage cars for almost three decades but he says he's never had a better run of trade than in the last year and a half and use of the euro's instability has sold the wills of his business so well there's just competition to become one of his customers. the gold of the garage

you have the markets in your garage. the old car. i think by more than. before the crisis price tags in his collection run from a mere fifty thousand euro to massive three million for the bands. and while in the past the majority of his clients have a real passion for classic wills cross is now dealing with a new kind of buyer those who just want to part of their money to profit this car is a b.m.w. . built two hundred fifty two cars. in two thousand and. five you have to spend for a call like that three hundred fifty thousand euros and today you have to spend a million real estate or jewelry almost all luxury sales are now reporting in october and as fearful of the euro collapsing. turning that embattled cash into

something they see as more durable it's not like money has always been burning holes in german pockets traditionally the people of this country have been pretty conservative spenders but the average household putting aside eleven percent of the time come what may be your risk future is shrouded in uncertainty more and more germans are now buying into the idea that saving is wasting low interest rates combined with increasing inflation rate savings accounts and profitable more than a decade ago sponsor among the bag if you believe the euro crisis vindicated here once and for all turning a one's diligent saver integer. most vocal advocate of spend spend spend more and more people get. nervous people like the luxury people like the rich people know things too they don't believe in the money and come home renovations to expensive medical procedures fear of the possible devaluation is pushing germans

into spending spree and his dental clinic the appointment calendar is already booked for several months i had and the clinics director himself is in no mood to wait and see in addition to a brand new x. ray machine he's just bought a house that he never intends to live in my. twenty's. can be. the only. people who want to give you. don't want. for a. while in other countries this would be taken as a sign of growing consumer confidence to begin banking germans this really is standing for a rainy day. artsy reporting from the mic in germany. check in with dimitri amp a business task now i tensions escalating with iran how is all you all doing is it having a crucial milestone again that's right one hundred dollars per barrel for brant is what we're seeing right now it's been approaching about mark for quite

a while now it's up above as you can see hundred dollars twenty seven cents for brant lights readers also gaining more than two and a half dollars per barrel this is as news is coming not only about a draft bill on the blocking of the strait of hormuz which was kind of not really worrying investors in the previous session but they were pretty much ignoring that but news that reports basically that the military drills have been taking place with missiles from iran potentially hitting as far as israel through these drills this is of course worrying worrying investors a lot creating a lot of ten. inside the region now what we're seeing also is that russia is benefiting very much from these high oil prices and the fact that it has been shifting its focus towards asian countries also giving it a market advantage let's listen to an expert. russia's exporting more oil to the far east through a new pipeline to parts of the world which has relied heavily on

a rainy and there is a potential the russian oil heading to the far east will gain market share from the iranians and that might be a permanent shift if purchases such as japan korea. and china switched increasingly to taking more russian oil so there might be a permanent benefit from the situation. all right as you can see there prices creating a lot of hype on the russian market of course is very much interconnected and we're seeing the my six and the idea is gaining more than two percent this out and moving the mice of course traditionally the most liquid stocks in burbank is following the market in general it's up two point six percent ross snafus also not a surprise here three percent on those high oil prices of course a very beneficial to the company's. profits and after that as is a bit weaker than the market as

a point seven percent the company last week agreed to supply cars to south america to peru ecuador and believe me. now moving on to currencies the russian ruble is therefore strengthening against the basket of currencies around point six percent this session and the euro is pretty much where it was last with the against the dog is the greenback. in europe the gains we're seeing right now are pretty limited because a on the one hand we've had quite a few sessions a very strong growth notably on friday so there is a need for a technical correction be there was also negative statistics coming out of the us yesterday on manufacturing contracting actually in the month of june tonight we're waiting for factory orders in the united states if that also comes in worse than expected which could indicate that the chances of a recession in the states. higher then of course the mood could change if we could

see that correction could prove technical for a while but still. also are among stocks in london for a second day barclays is one of the leading gainers that's after its chairman decided to step down from the live board rig scandal. and that's the way the markets look at this hour of course nextel i'll be back with an update all right thanks for that to me. thank coming up here on our to the final installment of join us not just talk show after the headlines stay with us.

well with. science technology innovation all the latest developments from around russia we've got the future covered. there hasn't been a thing get on t.v. . it is to get the maximum political impact. the full source material is what helps keep journalism honest we. we want to present. something else. hold it hold it. hold it hold it hold it hold it hold it

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